Cross River Govt Takes Over Tinapa From AMCON

The Cross River State Government has announced its acquisition of the prominent Tinapa Business Resort, following an agreement reached with the Asset Management Corporation of Nigeria (AMCON).

Naija News reports that Governor Bassey Otu disclosed the development during a press conference with select journalists in Calabar on Tuesday.

He clarified that the state’s recovery of the resort was facilitated by a financial commitment made to AMCON.

Although he refrained from disclosing the specific amount involved in regaining control of the asset, he indicated that plans to revitalize the business resort are already underway.

Governor Otu emphasized the significant investment made by the state in the construction of Tinapa, stating that he cannot remain passive while efforts are made to restore the facility.

“We didn’t contemplate taking loan for it, because no financial institution will grant such, when there is an existing facility running on Tinapa,” he said.

The governor has also disclosed his administration’s intentions to revitalize all dormant cottage industries that were established by his predecessors. He emphasized that nothing will be squandered during his tenure.

In 2013, the Asset Management Corporation of Nigeria (AMCON) assumed control of Tinapa following an agreement with the state government regarding the transfer of its controlling interest.

Under this agreement, AMCON acquired Tinapa’s debts, which amounted to ₦18.5 billion.

The initial phase of the Tinapa Business Resort & Free Zone was inaugurated for public access on April 2, 2007.

Former Governor Donald Duke founded this resort with the aim of enhancing business and tourism within the state.

Spanning 265 hectares, the resort operates as a free trade zone and features a shopping mall, a business centre, a hotel, a water park, and an artificial tidal lake.

Additionally, it houses a film production studio known as “Studio Tinapa” and an entertainment area that includes a casino.

The resort’s primary objective is to draw local and international businesses, thereby fostering economic growth in the state and the surrounding region.